@jondowes hocam öncelikle iyi ki varsýnýz ! Þu tartýþmayý kaç kiþiyle yapabiliriz bilmiyorum

option embedded swap ya da swaption sizin dediðiniz gibi, swap aktivitasyonu için opsiyon hakký kullanma, aþaðýda da güzel bir örnek buldum. Ýleride konuyu araþtýran çýkar diye



In 6 months, a firm will begin making semiannual payments at 5% on debt that it has issued. They are concerned that interest rates may fall in the next 6 months, which would mean that they are paying a higher rate on their debt than the market rate, which is not desirable.

Scenario 1: Swap

If they feel confident that rates will fall, they could enter into a swap where they receive a fixed rate and pay a floating rate. If the notional value of the swap is the same as the value of their outstanding debt obligation, they are effectively converting their debt into floating-rate debt which will reduce their payments as interest rates fall.

Scenario 2: Swaption

If they are less certain about the direction of rates, the firm could enter into a swaption that gives them the right to enter into a swap in 6 months, but does not obligate them to do so. If interest rates do fall, they can enter into the swap and achieve the same result as scenario 1. If interest rates stay the same or increase, they will choose not to enter into the swap, and will be better off paying the lower fixed rate they are currently obligated to pay. The firm will pay a premium for the right to this option, but if interest rates do rise it will prevent them from having to pay a higher rate as they would have to do if they were using a swap.